GGRAsia – Kangwon Land 2019 profit up 13pct on improved sales

Kangwon Land 2019 profit up 13pct on improved sales

Feb 11, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck

Kangwon Land Inc, the operator of the only casino resort in South Korea where the country’s nationals are allowed to gamble, says its full-2019 net profit rose by 12.7 percent in year-on-year terms, supported by stronger sales and lower costs.

Such profit in the 12 months to December 31 was KRW335.06 billion (US$283.3 million), compared with nearly KRW297.24 billion in 2018, according to a Tuesday filing to the Korea Exchange.

Operating income for 2019 rose by 16.6 percent year-on-year to KRW502.22 billion, said Kangwon Land.

South Korea’s nationals are only allowed to gamble at Kangwon Land casino resort (pictured in a file photo) in an upland area of Kangwon province – 150 kilometres (93 miles) from the country’s capital Seoul.

The casino operator reported sales of nearly KRW1.52 trillion for last year, up 5.7 percent from 2018.

The company did not give detailed commentary on the results filed with the Korea Exchange.

Kangwon Land said its fourth-quarter net profit rose by 178.4 percent from the prior-year period to KRW53.03 billion. Sales for the three months ended December 31 rose by 6.0 percent year-on-year to almost KRW372.84 billion, said the firm.

The company is – as the only authorised provider of casino gaming to South Korean nationals – subject to significant oversight from the country’s government.

Kangwon Land announced last month the appointment of Moon Tae-Gon as interim chairman. Mr Moon was already the firm’s chief executive and director.